1. Represents shares of common stock underlying restricted stock units granted to the reporting person under the Royal Caribbean Cruises Ltd. 2008 Equity Incentive Plan. In accordance with our vesting into retirement policy, award vests in one installment on the first anniversary of the grant date but will be subject to restrictions on transferability through the fourth anniversary of the grant date.

2. Granted in consideration for service as an officer of the issuer.

3. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 14, 2017.

4. Represents the weighted-average sale price per share of a series of transactions, all of which were executed on February 13, 2018. The actual sale prices ranged from a low of $127.755 to a high of $128.74. The Reporting Person undertakes to provide upon request of the SEC Staff, Royal Caribbean Cruises Ltd. or a Royal Caribbean Cruises Ltd. security holder full information regarding the number of shares sold at each price within the range.

5. Represents the weighted-average sale price per share of a series of transactions, all of which were executed on February 13, 2018. The actual sale prices ranged from a low of $128.76 to a high of $129.56. The Reporting Person undertakes to provide upon request of the SEC Staff, Royal Caribbean Cruises Ltd. or a Royal Caribbean Cruises Ltd. security holder full information regarding the number of shares sold at each price within the range.

6. Shares owned by Monument Capital Corporation as nominee for various trusts primarily for the benefit of certain members of the Fain family.

7. The reporting person disclaims beneficial ownership of some or all of these shares.

8. Shares owned by The Montana Trust primarily for the benefit of certain members of the Fain family.

9. This form does not include shares owned by other trusts for the benefit of members of the Fain family in which Mr. Fain does not have any beneficial or pecuniary interest nor shares directly or indirectly owned by Mr. Fain's adult children.

Ryan Lawrence, Attorney-in-Fact for Richard D. Fain

02/14/2018

** Signature of Reporting Person

Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person,
see
Instruction
4
(b)(v).